The Download: Patrick Dunnigan, Partner, River Cities Capital Funds

Patrick joined River Cities Capital (River Cities or RCCF) in 2014 to focus on healthcare and technology investments. He is active in all aspects of the firm’s investment origination, deal structuring and portfolio management. He is currently on the Board of Directors of Durham-based MindPath Care Centers and is a Board Observer at UrgentTeam, Liquibase and Continuity. Patrick also worked with previous RCCF portfolio companies TissueTech and Health Integrated.

Prior to joining RCCF, Patrick worked for the CFO of a sponsor-backed company. Before that he worked at Ballast Point Ventures, where he worked on growth-stage investments in healthcare and tech-enabled business services. Patrick started his career with Raymond James & Associates in their investment banking department.

Patrick graduated with a B.S. in finance with honors from the University of Florida and an M.B.A. from the Fuqua School of Business at Duke University, where he was in the Health Sector Management (HSM) program.

Patrick serves on the boards of Communities in Schools for Wake County and the Council for Entrepreneurial Development (CED) for the Triangle region.

  1. What is in your pockets?

I have my keys, iPhone, mask, and wallet.

  1. What exciting thing has happened recently for you or your organization?

River Cities is a growth equity firm that’s been around for 28 years and made over 120 investments. We focus on partnering with entrepreneurs and management teams to build businesses. We invest in healthcare IT, healthcare services and growth-stage medical device companies. We do everything but molecules. In these last couple of funds, we have been making a more earnest shift to investing in healthcare.

The investment business is broken up into making new investments, shepherding and supporting our current portfolio of companies, managing the firm, and then raising capital when you go to market toward the end of a fund life. We’re at a really exciting time this year; we’re getting close to making our final two investments out of Fund Six. We’ve had some really exciting exits this year out of that fund. And then we have kicked off fundraising for Fund Seven. And so, all of those things are keeping us really busy, but it’s all good stuff that you’re excited to work on.

To highlight one of the exits, which is a local story—earlier this year, MindPath Care Centers, which is based in Durham, merged with another large platform in the behavioral health space to create one of the country’s largest outpatient behavioral health platforms.

That company is doing really important work in healthcare. Behavioral health has become so important to our health care system. There’s a huge supply/demand imbalance. It’s been really exciting to be part of a market leader with a national footprint at this point. We’ve partnered with two local executives, Jeff Williams and Rob Oliveri, on that one. We invest nationally, but it’s always more meaningful when we get to work with companies and people who are in our communities.

  1. What is your favorite coffee spot?

I like to mix it up, but recently it’s been Jubala and Idle Hour. Third Place is a regular stop for me, too.

  1. What keeps you up at night?

As an investor, one element of our job is being paid to be paranoid. So, there are things that, if you don’t keep it in balance, can make you lose sleep. But over time you get better at that.

Thankfully, I sleep pretty well but when things do keep me up it typically has to do with making sure we’re supporting our management teams and our companies to the best of our ability.

  1. What is your favorite restaurant or happy hour?

I like Crawford and Sons in Raleigh a lot and go to Irregardless more regularly as a staple. When I used to live in Durham, I loved Vin Rouge. Wish I could get over there more.

  1. What is next for you or your organization?

We’re proud to be in our 28th year and we’re currently raising Fund Seven, and so we’re excited to continue to support entrepreneurs and management teams and to partner with them, both here locally and elsewhere. That’s always the best part of our job—getting to work with world-class people. And we look forward to continuing to do that for another fund cycle.

About Brooks Malone 106 Articles
Brooks Malone is a NC CPA and Partner with Hughes Pittman & Gupton, LLP, and leads the Technology practice group. Brooks is also listed contributor to the National Fast Trac Tech Curriculum that was funded by the Kauffman Foundation. Brooks was named one of the 40 Under 40 in May 2005 by the TBJ, received the Outstanding service to Entrepreneurs Award in 2008 by CED, and named to the Leadership Raleigh Hall of Fame in October 2011. Brooks is a graduate of North Carolina State University and is active at American Underground and Raleigh Founded.